EVERWIND FUELS
EverWind to Purchase and Develop Three Nova Scotia Wind Farms with RES as Development Partner

EverWind Fuels ("EverWind"), Canada's most advanced large-scale green hydrogen project, announced the purchase of three wind farm development projects: Windy Ridge, and in partnership with Membertou, Bear Lake and Kmtnuk (together, the "Wind Farms"), together representing approximately 530MW. The Wind Farms will represent a private investment in new, clean, renewable energy generation in Nova Scotia to power Phase 1 of EverWind's green hydrogen and ammonia project.

Wind Farm Development Key Highlights:

• $1 billion private investment to deliver additional renewable energy in Nova Scotia for EverWind green hydrogen and ammonia production
• Jobs creation with approximately 650 construction and 30 full-time positions in Nova Scotia created from wind farms alone
• Supports 80% Renewable Energy Standard in Nova Scotia in 2030
• New generating capacity in addition to the Province's recent Rate Base Procurement
• System benefits from EverWind as flexible power user to support Nova Scotia's grid and renewable energy transition¹
• Enables development of EverWind's green hydrogen and ammonia production facility, which unlocks Canada's preeminent green hydrogen economy

"The global fight against climate change requires us to work together to get long-term investments in clean, renewable energy over the finish line," said Trent Vichie, CEO of EverWind. "This investment helps Nova Scotia move more quickly and cost-effectively towards its clean energy transition. The power generated at these three new developments will also ensure EverWind's green hydrogen and ammonia will meet the strictest international standards for green fuels, including European RFNBO criteria. It is a win for our project, a win for the province and, ultimately, a win for the planet."

"Membertou is proud to partner with EverWind Fuels in the Bear Lake and Kmtnuk wind farm developments. As majority owner, Membertou will inform the development process, and along with our partners, we will work to progress the transition to green energy in Nova Scotia and the world. This development will provide a necessary source of energy, and will create economic benefits for the people of Membertou," said Chief Terry Paul, Chief & CEO of Membertou.

Wind Farm and Plant Construction Partnerships
The wind farms will be developed and built in partnership with Renewable Energy Systems Ltd. (RES), the largest private developer of renewable power in the world, having constructed over 23GW of wind farms and currently operating over 12GW of wind. RES has been working with municipalities, corporations, First Nations, and government authorities in Canada since 2003, including extensive work in Nova Scotia.

"RES is excited to partner with EverWind to deliver these farm developments." said Peter Clibbon, Senior VP of Development for RES in Canada. "RES brings significant experience in wind farm development, particularly in Nova Scotia. We are pleased with the advanced state of development for the Wind Farms and are excited to take these developments through to commercial operations. Both wind projects are well advanced through the Nova Scotia Power interconnection process and are currently undergoing environmental assessment field investigations to allow for the commencement of a full EA process in Fall of 2023."

The green hydrogen and ammonia plant will be developed and constructed in partnership with leading engineering, procurement and construction (EPC) company Black & Veatch.

Black & Veatch has completed critical infrastructure projects in more than 100 countries and has more than 10,000 employees across 100 offices worldwide. The company has been working on hydrogen, ammonia, and transmission projects for over 60 years, with experience that includes 100 hydrogen projects and more than 50 recent ammonia projects.

"Our deep experience in the energy transition will allow us to work alongside EverWind's world-class partners to guide what is expected to be North America's first large-scale green ammonia production facility forward," said Ali Assaf, Black & Veatch Vice President and Managing Director. "We are in the final stages of front-end engineering and design (FEED) for the Phase 1 production facility and are progressing all workstreams to deliver on-time and on-budget."

Wind Farm Benefits
The three new wind projects will increase the total amount of wind-generated electricity on Nova Scotia Power's grid and bring Nova Scotia Power closer to meeting the provincial mandate of 80% renewable energy sales by 2030.

Any green power in excess of EverWind's requirements can be made available to Nova Scotia Power for consumption by customers and provide benefits in terms of cost provided by the recently passed Canadian Government Investment Tax Credit for renewable generation.

EverWind's electricity usage can also provide significant system benefits as the variable hydrogen production allows for flexible usage of renewable power which will support the green transition, particularly given Nova Scotia's variable seasonal energy demand.

Sources of Green Energy for EverWind Production
All power for EverWind's Phase 1 of production will be supplied from newly built renewable energy sources, with energy generated from the Wind Farms transmitted via Nova Scotia's power grid to its Point Tupper facility. EverWind is also purchasing and leasing land adjacent to the facility which will be used for up to 300MW of solar power to support production and further enhance grid flexibility benefits. EverWind's production will vary given the intermittent nature of its renewable energy sources and its first phase will utilize PEM electrolyzers, which can rapidly vary their production to respond to variable green energy inputs. With the Wind Farms and solar developments, EverWind expects to generate 2,500,000 MWh, which provides the power for over 200,000 tonnes of ammonia.

"Every wind project we consider building is conditional on ensuring that we do not remove a single watt slated for domestic residential, commercial, or industrial usage from Nova Scotia's grid," Vichie said. "In fact, we are picking up the bill to produce net new clean energy, and any excess electricity generated at these projects will be made immediately available for domestic use. We will have the ability to scale our production to add resiliency to the grid during periods of peak demand."

For Phase 2 of its production, EverWind signed an MOU to lease Crown land for an additional 2 gigawatts of wind. EverWind is also in the process of developing a green hydrogen project in Newfoundland and Labrador.

EverWind is in the process of appointing an independent verification firm to certify that its green hydrogen production meets the strictest international standards (including European RFNBO).

About EverWind Fuels
EverWind is North America's leading independent green hydrogen developer. EverWind received the first Environmental Approval in North America for a large-scale green hydrogen project, and is well progressed in design, engineering, and development for the first phase of both its green energy generation projects and the production facility which will convert this energy into green hydrogen. EverWind owns and operates the deepest ice-free berth on the East Coast of North America, with world class access to rail, roads, and pipelines. Our safety-first culture reflects a highly skilled and extensively certified workforce, with a stellar safety record.
 

EverWind has three First Nations equity partners and is a champion for meaningful engagement with Rightsholders and the advancement of social and economic reconciliation. At a local level, the Company works closely with municipalities and stakeholder organizations.

EverWind is led by Trent Vichie, a co-founder of Stonepeak Infrastructure Partners, and a former Blackstone Partner. EverWind's development team consists of over 20 members who have previously held senior positions at various infrastructure, private equity, renewable power, engineering, and utility companies. EverWind is also supported by a world-class advisory team including Black & Veatch, ILF, RES, Strum Environmental, McInnes Cooper, King & Spalding, McKinsey, Morgan Stanley, CIBC, and Citi.

EverWind's Nova Scotia Projects
The first phase has been issued an Environmental Assessment Approval and is set to produce over 200,000 tonnes per annum of green ammonia starting in 2025, then achieve over 1 million tonnes per annum production by 2026 through a second phase.

Additional information can be found at https://EverWindFuels.com/, https://KmtnukWind.com/, https://WindyRidgeWind.com, and http://BearLakeWind.com/.

EverWind acknowledges the ancestral and unceded territory of the Mi'kmaq people, and we acknowledge them as the past, present, and future caretakers of this land, Mi'kma'ki. From the beginning our work has shared a core principle of environmental stewardship. We are committed to working with Mi'kmaq and delivering a comprehensive partnership on all aspects of the project. EverWind's Nova Scotia Project includes three Mi'kmaq equity partners and is a champion for meaningful engagement with Rightsholders and the advancement of social and economic reconciliation.

At a local level, the EverWind works closely with multiple municipalities and stakeholder organizations throughout Nova Scotia.

EverWind's Newfoundland & Labrador Projects
Leveraging our Nova Scotia platform and development experience, EverWind is pursuing a sister project on the Burin Peninsula in Newfoundland & Labrador. The project's initial phase will consist of a 2+ GW wind farm to produce green hydrogen and ammonia. Located in a region with a proud industrial heritage, EverWind will continue to work closely with the Burin Peninsula Energy Board and communities throughout the region to advance the project.

EverWind acknowledges the island of Ktaqmkuk (Newfoundland) as traditional territory of the Beothuk and the Qalipu Mi'kmaq and the Mi'kmaq of Miawpukek Mi'kamawey Mawi'omi and acknowledges Labrador as the traditional and ancestral homelands of the Innu of Nitassinan, the Inuit of Nunatsiavut, and the Inuit of NunatuKavut. EverWind is committed to working in a spirit of truth and reconciliation to make a better future for all.

Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward-looking statements based on current assumptions and forecasts made by EverWind, including statements concerning projected wind farm capacity, projected green ammonia production volumes, construction and production timelines, sources and transmission of power, and benefits of the project. Various known and unknown risks, uncertainties, and other factors, such as general economic and regulatory conditions, could lead to material differences between the actual future results, financial situation, development or performance of EverWind and those projected in the forward-looking statements contained in this release. EverWind does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to align them to future events or developments, except as may be required by law.